Paulson Takes Lead in Auto Rescue Talks
The News Review:
- Paulson Takes Lead in Auto Rescue Talks
- Auto workers ponder future amid plant shutdowns
- Why I voted against the auto bailout bill
- NADA Chairman Says ‘Auto Bankruptcy of Any Kind is Not an Option’
- Take-Two Plunges 28% After Forecast Misses Estimates
- Pelosi: Bush should provide immediate auto aid
Paulson Takes Lead in Auto Rescue Talks
New York Times United States
said Wednesday the auto bailout talks were now his primary focus. WASHINGTON — The White House and the Treasury are deep into negotiations with.
Related from Rizzicreations: Paulson Takes Lead Role In Auto Industry Rescue Package
Auto workers ponder future amid plant shutdowns
Forbes NY
Chrysler is closing its 30 North American manufacturing plants until at least Jan. 19 due to slumping sales and.
Why I voted against the auto bailout bill
Alaska Dispatch Alaska
With a federal bridge loan the automobile companies say they will be able to continue operations until revised labor and business plans are in place Legislation considered by the Senate would have provided $14 billion in bridge loans to the Big Three auto makers; appointed a ?Car Czar? to oversee the industry restructuring; and allowed the ?Car Czar? to require immediate or accelerated repayment of the loans if the automakers did not make sufficient progress in their restructuring plans. I voted against this legislation which was not approved by the Senate because I do not believe the package as written would have resulted in the overhaul necessary to put the Big Three on the path to long-term financial sustainability. None of us wants to see thousands of hard-working Americans in the auto industry laid off but it is my view that unless the auto industry makes real and immediate structural changes there is no guarantee that financial assistance from taxpayer dollars will prevent these companies from collapsing or that they will not be asking for additional assistance when the initial funds are used up. While some of the problems that the Big Three face are the result of external forces such as high gasoline prices that drive down car sales or the lack of ability to access credit to finance auto purchases other auto companies operating in the United States face the same challenges. The difference is a host of internal management and structural problems. If a bailout is indeed warranted in my view the powers of the ?Car Czar? need to be strengthened considerably to the point of acting like a bankruptcy judge with the power to mediate business and labor contract renegotiations restructure debt obligations and force new leadership on the businesses. Other industries like the airlines and steel companies filed for Chapter 11 bankruptcy in order to restructure without receiving a federal bailout.
NADA Chairman Says ‘Auto Bankruptcy of Any Kind is Not an Option’
MarketWatch
That’s exactly the opposite of what we need” Sykora added. How consumers would react to a bankruptcy filing is one of the key questions in the debate over automaker relief. A recent study by auto market research firm CNW Research found that an auto bankruptcy would drive away buyers. More than 80 percent of Americans who intend to buy a new car would abandon their plans if the automaker behind the brand filed for bankruptcy according to the CNW Research study released in July. The study found that bankruptcy would send shoppers elsewhere because in the minds of consumers it would be “admitting defeat. ” The CNW Research surveyed 6000 people who intend to buy new vehicles. “As the association representing more than 93% of all the dealers in this country dealers are uniquely qualified to confirm the findings of the CNW study” Sykora said.
Take-Two Plunges 28% After Forecast Misses Estimates
Bloomberg
The New York-based company yesterday forecast a loss of 70cents to 85 cents a share in the period ending in Januaryexcluding some costs. Analysts had anticipated a 29-cent profit. The projections are for a year in which Take-Two won?t bereleasing a new installment of ?Grand Theft Auto? forMicrosoft Corp. ?s Xbox 360 or Sony Corp. Thecompany said it reached a new agreement with the title?screators at Rockstar Games that will keep them with Take-Twothrough January 2012. ?There aren?t any major releases? said.
Pelosi: Bush should provide immediate auto aid
The Associated Press
“California Democrat Nancy Pelosi says the news that 544000 Americans filed for jobless claims last week shows that workers are struggling. She says 2 million U. jobs are riding on whether Bush helps the beleaguered auto industry. Pelosi says the administration should tie the auto aid to the same accountability requirements included in a House-passed carmaker bailout that died in the Senate. That White House-backed plan would have given the government veto power over major business decisions at any car company that received federal loans.
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